Types of Home Insurance Policies

Home insurance policies can vary depending on the property type and your specific needs:

1. HO-1 (Basic Form): Limited coverage for specific risks (often covers 10 named perils like fire, theft, and windstorms).
2. HO-2 (Broad Form): Covers more perils than HO-1 (typically 16 perils) and is slightly more comprehensive.
3. HO-3 (Special Form): The most common type, covering the home against all risks except those explicitly excluded (open perils), while personal belongings are covered against named perils.
4. HO-4 (Renters Insurance): Covers a tenant’s personal belongings and liability, but not the building itself.
5. HO-5 (Comprehensive Form): Provides extensive coverage for both the home and belongings against almost all perils (with exclusions).
6. HO-6 (Condo Insurance): Tailored for condo owners, covering the interior of the unit and belongings but not the building structure.
7. HO-7 (Mobile Home Insurance): Designed for mobile or manufactured homes, similar to an HO-3 but specifically for these properties.
8. HO-8 (Older Home Form): For older homes, this policy often covers repair costs instead of replacement value due to the high cost of rebuilding with original materials.